Business Services Industry
Analysts See Various Meanings in Telecom Italia's Assent to Merger.
Knight Ridder/Tribune Business News, May, 1999 by Hart, Joanne
Knight Ridder/Tribune Business News
May 28 -- The success of Olivetti's bid for Telecom Italia has been heralded as signalling that the Italian market has come of age. But the smaller company would not have won its 51 percent majority without an abrupt change of heart from six of TI's seven core shareholders. The seven were known as the "nocciolino duro" -- meaning small hard nut. The nut included one of Telecom Italia's advisers, San Paolo-IMI, as well as four other Italian financial groups and Ifil, the holding company for the powerful Fiat-owning Agnelli family.
Throughout the takeover battle, the septet protested their undying devotion to TI. On the last day of the bid, the only member of the team to stick to its promise was TI's main adviser,...
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